The Federal Reserve has used only a fraction of the $600 billion in an emergency lending program for small and medium businesses struggling with the Covid-19 pandemic. Eligible lenders participating in the Main Street program have issued $496.8 million in loans, of which $472 million is Fed money, or about 0.07% of the central bank’s lending capacity as of Wednesday, according to a watchdog report. Boston Fed President Eric Rosengren said the program will likely see more demand from small and mid-size businesses if the pandemic continues to drag down the U.S. economy. —David E. Rovella

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Here are today’s top stories

Former Vice President Joe Biden challenged Americans to embrace the “path of hope and light” as he accepted his party’s nomination Thursday night in an emotive and emphatic speech that cast the election as a fundamental referendum on the nation’s character. He sharply condemned President Donald Trump, without mentioning his name, and offered his vision to confront the health and economic devastation wreaked by the virus, as well as the “perfect storm” of racial unrest and climate change. The Republican National Convention begins next week.

Though there are 175,000 confirmed U.S. deaths from the coronavirus, as many as 215,000 more people than usual died during the first seven months of 2020, pointing to a likely undercounting of the pandemic’s toll on America, the world’s worst-hit nation. In Japan, new infections may be peaking, while cases are spiking in Italy and infections in Spain are “out of control.” Wall Street is busy trying to handicap which vaccine is the best bet. Here is the latest on the pandemic.

After tapping the bond market at a record-shattering pace in recent months, corporate America is more indebted today than ever before. And while much of that fresh cash, more than $1.6 trillion in total, helped scores of companies stay afloat during pandemic shutdowns, it now threatens to hobble an already sputtering economic recovery. Many companies will be forced to divert more cash to repay these obligations while profits continue to sink. That spells a potentially grim fall season. 

U.S. sales of previously owned homes surged by the most on record in July as lower mortgage rates continued to power a residential real estate market that’s proving a rare bright spot for the pandemic economy.

India is stepping up its curbs on Chinese activity in the country, adding extra scrutiny for visas and reviewing Beijing’s links with local universities as relations between the two nations continue to nose-dive.

Saudi Arabia’s state oil company has suspended a deal to build a $10 billion refining and petrochemicals complex in China as the company slashes spending to cope with low oil prices.

Six more states and the District of Columbia joined more than a dozen others in suing Postmaster General Louis DeJoy over cuts at the U.S. Postal Service that critics allege will undermine an expected surge of mail-in ballots during the election. Testifying before Congress, DeJoy, a Republican megadonor, denied he is attempting to suppress turnout on behalf of Trump and acknowledged nationwide delays in mail delivery, but nevertheless refused to return to service hundreds of mail-sorting machines and mailboxes he has ordered dismantled or removed. Republicans defended DeJoy against Democratic allegations of wrongdoing, but former Postal Service Board of Governors Vice Chairman David Williams contends Trump has sought to turn the Postal Service into a “political tool.” While the Democratic-controlled House is planning a vote Saturday on $25 billion in additional funding and a bar to further USPS service cuts, Senate Republican Majority Leader Mitch McConnell said he has no intention of entertaining similar legislation. Senate Democrats are opening their own investigation into the USPS, specifically about whether DeJoy’s cuts have prevented seniors, veterans and other patients from receiving prescription drugs on time. Meanwhile, Trump is seeking 50,000 volunteers to stake out polling places across the country on Nov. 3 to monitor voters and election procedures. 

What you’ll need to know tomorrow

• Belarus’s embattled strongman faces massive election protests.
• Turkey unveils the biggest Black Sea gas discovery ever.
• Wells Fargo breaks with its rivals and resumes firing its employees.
• An ugly harvest is testing American farm country.
• Businessweek: The end of Steve Bannon, and maybe Trump, too.
• Bloomberg Opinion: Trader Joe’s future is looking cloudy.
• PGA Tour makes good on golf’s return during the pandemic.

What you’ll want to read in Bloomberg Pursuits

American Vacations In the Time of Pandemic

Many families across America would usually be packing up right about now, getting ready for that last summer getaway to the Caribbean or Europe before Labor Day and the traditional start of school. But the coronavirus has upended travel, while remote work and remote learning have blurred the boundaries of the summer high season. The American vacation may never be the same again, but here are some strategies people are taking to enjoy some well-deserved time off.

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